Better than expected profit by Whirlpool

Home appliances company's second quarter net earnings were $117 million, quarterly revenues were up 5% to $5.08 billion.

The company said that net earnings for
the quarter reflected challenging macroeconomic conditions in its
U.S. business, as industry unit demand declined approximately 8%
compared to last year. Second-quarter operating results were
unfavorably impacted by significantly higher material and oil-related
costs, lower U.S. industry unit volume, and an increase in
restructuring costs. However, these unfavorable impacts were
partially offset by productivity initiatives and improved results
within the company's Latin American operations, Whirlpool noted.

Whirlpool North America generated sales of $2.9 billion in the
quarter, down 4% from the prior year. U.S. industry unit shipments of
major appliances declined about 8%.
Whirlpool Europe reported
second-quarter sales of $1.1 billion, up 17% from last year.
Excluding the effects of currency, sales increased 2%.
Whirlpool
Latin America's net sales rose 22% to $1.0 billion, reflecting strong
demand for innovative products. Whirlpool Asia sales were $178
million, up 9% from the prior year.
Based on current economic
conditions, the company now expects full-year 2008 U.S. industry unit
shipments to drop approximately 6% to 7% from 2007 levels. The
company had earlier projected a 5% to 6% decline.